BALTIMORE, Aug. 7 /PRNewswire-FirstCall/ -- Constellation Energy (NYSE:
CEG) announced today that its subsidiary, Constellation Energy's Projects &
Services Group (CEPS), has signed an agreement to acquire Water & Energy
Savings Corporation (W&ESCO). W&ESCO will operate under the Constellation
Energy brand from its base in St. Petersburg, Florida. W&ESCO provides a
full range of performance-based water and energy solutions complementing
Constellation Energy's Projects & Services Group's existing business lines
which include energy consulting, energy services and energy assets.
"The acquisition of W&ESCO further positions Constellation Energy as a
significant presence in the energy solutions marketplace," said Gregory
Jarosinski, president of Constellation Energy's Projects & Services Group.
"Customers now have access to an expanded suite of services that reduce
energy and water costs and consumption and help them make their operations
more sustainable."
W&ESCO has performed more than 60 public housing authority energy
performance projects which will produce or have resulted in $12 million in
projected savings and $110 million in capital improvements. The acquisition
of W&ESCO will also expand Constellation Energy's Projects & Services
Group's geographic reach, giving the company a greater presence in the
Southeast and Florida.
"Joining with Constellation Energy will increase our capabilities to
assist clients in reducing their water and energy consumption and costs.
Opportunities for our employees should grow exponentially," said Gene
Overmyer, president and chief executive officer of W&ESCO.
It is anticipated that W&ESCO's 38 employees, including its founders,
will join Constellation. The founders will remain in management positions
for Constellation Energy's Projects & Services Group.
The transaction is expected to close in September 2008, subject to
standard closing conditions.
Water & Energy Savings Corporation (W&ESCO) was founded in 1992 when
representatives of the Department of Housing and Urban Development (HUD)
invited President Gene Overmyer to participate in the announcement of HUD's
Energy Incentive Program. Since then, the company has grown from a small
start up to a leading provider of community energy and engineering
solutions. Water & Energy Savings Corporation has completed more than a
quarter of HUD's Public Housing Energy Performance Contracts (EPCs). Water
& Energy Savings Corporation's energy performance contracts have
successfully met all guaranteed savings.
Constellation Energy's Projects and Services Group
(http://www.ceprojects.com) is a full-service energy company, providing
customized energy solutions to commercial, retail, institutional and
government customers nationwide. The company's large array of products and
services-including energy consulting, energy services and energy assets are
all designed to increase energy efficiency, reliability, cost effectiveness
and improve the customer's bottom line.
Constellation Energy (http://www.constellation.com), a FORTUNE 125
company with 2007 revenues of $21 billion, is the nation's largest
competitive supplier of electricity to large commercial and industrial
customers and the nation's largest wholesale power seller. Constellation
Energy also manages fuels and energy services on behalf of energy intensive
industries and utilities. It owns a diversified fleet of 83 generating
units located throughout the United States, totaling approximately 9,000
megawatts of generating capacity. The company delivers electricity and
natural gas through the Baltimore Gas and Electric Company (BGE), its
regulated utility in Central Maryland.
SOURCE Constellation Energy
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Related links:
http://www.constellation.com
http://www.ceprojects.com
http://www.prnewswire.com/comp/084087.html /
CONTACT:
Media, Lawrence McDonnell, or Aaron Koos,
+1-410-470-7433, or Investors, Kevin Hadlock, +1-410-470-3647, or
Janet Mosher, +1-410-470-1884, all of Constellation Energy
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